XML 60 R36.htm IDEA: XBRL DOCUMENT
v3.7.0.1

Fair Value Measurements (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2017
Fair Value Disclosures [Abstract] |
PSEG's, Power's And PSE&G's Respective Assets And (Liabilities) Measured At Fair Value On A Recurring Basis | The following tables present information about PSEG’s, PSE&G’s and Power’s respective assets and (liabilities) measured at fair value on a recurring basis as of June 30, 2017 and December 31, 2016, including the fair value measurements and the levels of inputs used in determining those fair values. Amounts shown for PSEG include the amounts shown for PSE&G and Power.
|  |  | Recurring Fair Value Measurements as of June 30, 2017 |
| Description |  | Total |  | Netting (E) |  | Quoted Market Prices for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |
|  |  | Millions |
| PSEG |  |  |  |  |  |  |  |  |  |  |
| Assets: |  |  |  |  |  |  |  |  |  |  |
| Cash Equivalents (A) |  | $ | 367 |  |  | $ | — |  |  | $ | 367 |  |  | $ | — |  |  | $ | — |  |
| Derivative Contracts: |  |  |  |  |  |  |  |  |  |  |
| Energy-Related Contracts (B) |  | $ | 202 |  |  | $ | (545 | ) |  | $ | 9 |  |  | $ | 732 |  |  | $ | 6 |  |
| Interest Rate Swaps (C) |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |
| NDT Fund (D) |  |  |  |  |  |  |  |  |  |  |
| Equity Securities |  | $ | 999 |  |  | $ | — |  |  | $ | 997 |  |  | $ | 2 |  |  | $ | — |  |
| Debt Securities—US Treasury |  | $ | 227 |  |  | $ | — |  |  | $ | — |  |  | $ | 227 |  |  | $ | — |  |
| Debt Securities—Govt Other |  | $ | 330 |  |  | $ | — |  |  | $ | — |  |  | $ | 330 |  |  | $ | — |  |
| Debt Securities—Corporate |  | $ | 361 |  |  | $ | — |  |  | $ | — |  |  | $ | 361 |  |  | $ | — |  |
| Other Securities |  | $ | 51 |  |  | $ | — |  |  | $ | 51 |  |  | $ | — |  |  | $ | — |  |
| Rabbi Trust (D) |  |  |  |  |  |  |  |  |  |  |
| Equity Securities—Mutual Funds |  | $ | 22 |  |  | $ | — |  |  | $ | 22 |  |  | $ | — |  |  | $ | — |  |
| Debt Securities—US Treasury |  | $ | 51 |  |  | $ | — |  |  | $ | — |  |  | $ | 51 |  |  | $ | — |  |
| Debt Securities—Govt Other |  | $ | 34 |  |  | $ | — |  |  | $ | — |  |  | $ | 34 |  |  | $ | — |  |
| Debt Securities—Corporate |  | $ | 115 |  |  | $ | — |  |  | $ | — |  |  | $ | 115 |  |  | $ | — |  |
| Other Securities |  | $ | 2 |  |  | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | — |  |
| Liabilities: |  |  |  |  |  |  |  |  |  |  |
| Derivative Contracts: |  |  |  |  |  |  |  |  |  |  |
| Energy-Related Contracts (B) |  | $ | (9 | ) |  | $ | 534 |  |  | $ | (6 | ) |  | $ | (537 | ) |  | $ | — |  |
| Interest Rate Swaps (C) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |
| PSE&G |  |  |  |  |  |  |  |  |  |  |
| Assets: |  |  |  |  |  |  |  |  |  |  |
| Cash Equivalents (A) |  | $ | 169 |  |  | $ | — |  |  | $ | 169 |  |  | $ | — |  |  | $ | — |  |
| Rabbi Trust (D) |  |  |  |  |  |  |  |  |  |  |
| Equity Securities—Mutual Funds |  | $ | 5 |  |  | $ | — |  |  | $ | 5 |  |  | $ | — |  |  | $ | — |  |
| Debt Securities—US Treasury |  | $ | 10 |  |  | $ | — |  |  | $ | — |  |  | $ | 10 |  |  | $ | — |  |
| Debt Securities—Govt Other |  | $ | 7 |  |  | $ | — |  |  | $ | — |  |  | $ | 7 |  |  | $ | — |  |
| Debt Securities—Corporate |  | $ | 23 |  |  | $ | — |  |  | $ | — |  |  | $ | 23 |  |  | $ | — |  |
| Other Securities |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |
| Power |  |  |  |  |  |  |  |  |  |  |
| Assets: |  |  |  |  |  |  |  |  |  |  |
| Derivative Contracts: |  |  |  |  |  |  |  |  |  |  |
| Energy-Related Contracts (B) |  | $ | 202 |  |  | $ | (545 | ) |  | $ | 9 |  |  | $ | 732 |  |  | $ | 6 |  |
| NDT Fund (D) |  |  |  |  |  |  |  |  |  |  |
| Equity Securities |  | $ | 999 |  |  | $ | — |  |  | $ | 997 |  |  | $ | 2 |  |  | $ | — |  |
| Debt Securities—US Treasury |  | $ | 227 |  |  | $ | — |  |  | $ | — |  |  | $ | 227 |  |  | $ | — |  |
| Debt Securities—Govt Other |  | $ | 330 |  |  | $ | — |  |  | $ | — |  |  | $ | 330 |  |  | $ | — |  |
| Debt Securities—Corporate |  | $ | 361 |  |  | $ | — |  |  | $ | — |  |  | $ | 361 |  |  | $ | — |  |
| Other Securities |  | $ | 51 |  |  | $ | — |  |  | $ | 51 |  |  | $ | — |  |  | $ | — |  |
| Rabbi Trust (D) |  |  |  |  |  |  |  |  |  |  |
| Equity Securities—Mutual Funds |  | $ | 5 |  |  | $ | — |  |  | $ | 5 |  |  | $ | — |  |  | $ | — |  |
| Debt Securities—US Treasury |  | $ | 13 |  |  | $ | — |  |  | $ | — |  |  | $ | 13 |  |  | $ | — |  |
| Debt Securities—Govt Other |  | $ | 8 |  |  | $ | — |  |  | $ | — |  |  | $ | 8 |  |  | $ | — |  |
| Debt Securities—Corporate |  | $ | 29 |  |  | $ | — |  |  | $ | — |  |  | $ | 29 |  |  | $ | — |  |
| Other Securities |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |
| Liabilities: |  |  |  |  |  |  |  |  |  |  |
| Derivative Contracts: |  |  |  |  |  |  |  |  |  |  |
| Energy-Related Contracts (B) |  | $ | (9 | ) |  | $ | 534 |  |  | $ | (6 | ) |  | $ | (537 | ) |  | $ | — |  |
|  |  | Recurring Fair Value Measurements as of December 31, 2016 |
| Description |  | Total |  | Netting (E) |  | Quoted Market Prices for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |
|  |  | Millions |
| PSEG |  |  |  |  |  |  |  |  |  |  |
| Assets: |  |  |  |  |  |  |  |  |  |  |
| Cash Equivalents (A) |  | $ | 365 |  |  | $ | — |  |  | $ | 365 |  |  | $ | — |  |  | $ | — |  |
| Derivative Contracts: |  |  |  |  |  |  |  |  |  |  |
| Energy-Related Contracts (B) |  | $ | 186 |  |  | $ | (371 | ) |  | $ | 17 |  |  | $ | 533 |  |  | $ | 7 |  |
| Interest Rate Swaps (C) |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |
| NDT Fund (D) |  |  |  |  |  |  |  |  |  |  |
| Equity Securities |  | $ | 957 |  |  | $ | — |  |  | $ | 954 |  |  | $ | 3 |  |  | $ | — |  |
| Debt Securities—US Treasury |  | $ | 227 |  |  | $ | — |  |  | $ | — |  |  | $ | 227 |  |  | $ | — |  |
| Debt Securities—Govt Other |  | $ | 293 |  |  | $ | — |  |  | $ | — |  |  | $ | 293 |  |  | $ | — |  |
| Debt Securities—Corporate |  | $ | 337 |  |  | $ | — |  |  | $ | — |  |  | $ | 337 |  |  | $ | — |  |
| Other Securities |  | $ | 44 |  |  | $ | — |  |  | $ | 44 |  |  | $ | — |  |  | $ | — |  |
| Rabbi Trust (D) |  |  |  |  |  |  |  |  |  |  |
| Equity Securities—Mutual Funds |  | $ | 22 |  |  | $ | — |  |  | $ | 22 |  |  | $ | — |  |  | $ | — |  |
| Debt Securities—US Treasury |  | $ | 37 |  |  | $ | — |  |  | $ | — |  |  | $ | 37 |  |  | $ | — |  |
| Debt Securities—Govt Other |  | $ | 66 |  |  | $ | — |  |  | $ | — |  |  | $ | 66 |  |  | $ | — |  |
| Debt Securities—Corporate |  | $ | 91 |  |  | $ | — |  |  | $ | — |  |  | $ | 91 |  |  | $ | — |  |
| Other Securities |  | $ | 1 |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |
| Liabilities: |  |  |  |  |  |  |  |  |  |  |
| Derivative Contracts: |  |  |  |  |  |  |  |  |  |  |
| Energy-Related Contracts (B) |  | $ | (16 | ) |  | $ | 372 |  |  | $ | (18 | ) |  | $ | (364 | ) |  | $ | (6 | ) |
| PSE&G |  |  |  |  |  |  |  |  |  |  |
| Assets: |  |  |  |  |  |  |  |  |  |  |
| Cash Equivalents (A) |  | $ | 365 |  |  | $ | — |  |  | $ | 365 |  |  | $ | — |  |  | $ | — |  |
| Derivative Contracts: |  |  |  |  |  |  |  |  |  |  |
| Energy Related Contracts (B) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |
| Rabbi Trust (D) |  |  |  |  |  |  |  |  |  |  |
| Equity Securities—Mutual Funds |  | $ | 5 |  |  | $ | — |  |  | $ | 5 |  |  | $ | — |  |  | $ | — |  |
| Debt Securities—US Treasury |  | $ | 7 |  |  | $ | — |  |  | $ | — |  |  | $ | 7 |  |  | $ | — |  |
| Debt Securities—Govt Other |  | $ | 13 |  |  | $ | — |  |  | $ | — |  |  | $ | 13 |  |  | $ | — |  |
| Debt Securities—Corporate |  | $ | 18 |  |  | $ | — |  |  | $ | — |  |  | $ | 18 |  |  | $ | — |  |
| Other Securities |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |
| Liabilities: |  |  |  |  |  |  |  |  |  |  |
| Derivative Contracts: |  |  |  |  |  |  |  |  |  |  |
| Energy-Related Contracts (B) |  | $ | (5 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (5 | ) |
| Power |  |  |  |  |  |  |  |  |  |  |
| Assets: |  |  |  |  |  |  |  |  |  |  |
| Derivative Contracts: |  |  |  |  |  |  |  |  |  |  |
| Energy-Related Contracts (B) |  | $ | 186 |  |  | $ | (371 | ) |  | $ | 17 |  |  | $ | 533 |  |  | $ | 7 |  |
| NDT Fund (D) |  |  |  |  |  |  |  |  |  |  |
| Equity Securities |  | $ | 957 |  |  | $ | — |  |  | $ | 954 |  |  | $ | 3 |  |  | $ | — |  |
| Debt Securities—US Treasury |  | $ | 227 |  |  | $ | — |  |  | $ | — |  |  | $ | 227 |  |  | $ | — |  |
| Debt Securities—Govt Other |  | $ | 293 |  |  | $ | — |  |  | $ | — |  |  | $ | 293 |  |  | $ | — |  |
| Debt Securities—Corporate |  | $ | 337 |  |  | $ | — |  |  | $ | — |  |  | $ | 337 |  |  | $ | — |  |
| Other Securities |  | $ | 44 |  |  | $ | — |  |  | $ | 44 |  |  | $ | — |  |  | $ | — |  |
| Rabbi Trust (D) |  |  |  |  |  |  |  |  |  |  |
| Equity Securities—Mutual Funds |  | $ | 5 |  |  | $ | — |  |  | $ | 5 |  |  | $ | — |  |  | $ | — |  |
| Debt Securities—US Treasury |  | $ | 9 |  |  | $ | — |  |  | $ | — |  |  | $ | 9 |  |  | $ | — |  |
| Debt Securities—Govt Other |  | $ | 16 |  |  | $ | — |  |  | $ | — |  |  | $ | 16 |  |  | $ | — |  |
| Debt Securities—Corporate |  | $ | 23 |  |  | $ | — |  |  | $ | — |  |  | $ | 23 |  |  | $ | — |  |
| Other Securities |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |
| Liabilities: |  |  |  |  |  |  |  |  |  |  |
| Derivative Contracts: |  |  |  |  |  |  |  |  |  |  |
| Energy-Related Contracts (B) |  | $ | (11 | ) |  | $ | 372 |  |  | $ | (18 | ) |  | $ | (364 | ) |  | $ | (1 | ) |
(A) | Represents money market mutual funds.
(B) | Level 1— During 2016 a net fair value of $1 million relating to energy-related contracts was transferred from Level 2 into Level 1. These contracts represent natural gas futures contracts executed on NYMEX, and are being valued solely on settled pricing inputs which come directly from the exchange.
Level 2—Fair values for energy-related contracts are obtained primarily using a market-based approach. Most derivative contracts (forward purchase or sale contracts and swaps) are valued using settled prices from an exchange, such as NYMEX, ICE and Nodal Exchange, or auction prices. Prices used in the valuation process are also corroborated independently by management to determine that values are based on actual transaction data or, in the absence of transactions, bid and offers for the day. Examples may include certain exchange and non-exchange traded capacity and electricity contracts and natural gas physical or swap contracts based on market prices, basis adjustments and other premiums where adjustments and premiums are not considered significant to the overall inputs. Level 3—Unobservable inputs are used for the valuation of certain contracts. See “Additional Information Regarding Level 3 Measurements” below for more information on the utilization of unobservable inputs.
(C) | Interest rate swaps are valued using quoted prices on commonly quoted intervals, which are interpolated for periods different than the quoted intervals, as inputs to a market valuation model. Market inputs can generally be verified and model selection does not involve significant management judgment.
(D) | The fair value measurement tables exclude an immaterial amount of cash as of June 30, 2017 and $1 million as of December 31, 2016, which is part of the NDT Fund. The NDT Fund maintains investments in various equity and fixed income securities classified as “available for sale.” The Rabbi Trust maintains investments in a Russell 3000 index fund and various fixed income securities classified as “available for sale” as of June 30, 2017. The Rabbi Trust maintained investments in a S&P 500 index fund and various securities classified as “available for sale” as of December 31, 2016. These securities are generally valued with prices that are either exchange provided (equity securities) or market transactions for comparable securities and/or broker quotes (fixed income securities).
Level 1—Investments in marketable equity securities within the NDT Fund are primarily investments in common stocks across a broad range of industries and sectors. Most equity securities are priced utilizing the principal market close price or, in some cases, midpoint, bid or ask price. Certain open-ended mutual funds with mainly short-term investments are valued based on unadjusted quoted prices in active markets. The Rabbi Trust equity index fund is valued based on quoted prices in an active market. Level 2—NDT and Rabbi Trust fixed income securities include primarily investment grade corporate bonds, collateralized mortgage obligations, asset backed securities and certain government and US Treasury obligations or Federal Agency asset-backed securities and municipal bonds with a wide range of maturities. Since many fixed income securities do not trade on a daily basis, they are priced using an evaluated pricing methodology that varies by asset class and reflects observable market information such as the most recent exchange price or quoted bid for similar securities. Market-based standard inputs typically include benchmark yields, reported trades, broker/dealer quotes and issuer spreads. The preferred stocks are not actively traded on a daily basis and therefore, are also priced using an evaluated pricing methodology. Certain short-term investments are valued using observable market prices or market parameters such as time-to-maturity, coupon rate, quality rating and current yield.
(E) | Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. All cash collateral received or posted that has been allocated to derivative positions, where the right of offset exists, has been offset in the Condensed Consolidated Balance Sheets. As of June 30, 2017, net cash collateral (received) paid of $(11) million was netted against the corresponding net derivative contract positions. Of the $(11) million as of June 30, 2017, $(13) million of cash collateral was netted against assets, and $2 million was netted against liabilities. As of December 31, 2016, net cash collateral (received) paid of $1 million was netted against the corresponding net derivative contract positions. Of the $1 million of cash collateral as of December 31, 2016, $(3) million was netted against assets, and $4 million was netted against liabilities.
Schedule of Quantitative Information About Level 3 Fair Value Measurements | The following tables provide details surrounding significant Level 3 valuations as of June 30, 2017 and December 31, 2016.
|  |  | Quantitative Information About Level 3 Fair Value Measurements |  |  |
|  |  |  |  |  |  |  |  | Significant |  |  |
|  |  |  |  | Fair Value as of |  | Valuation |  | Unobservable |  |  |
| Commodity |  | Level 3 Position |  | June 30, 2017 |  | Technique(s) |  | Input |  | Range |
|  |  |  |  | Assets |  | (Liabilities) |  |  |  |  |  |  |
|  |  |  |  | Millions |  |  |  |  |  |  |
| Power |  |  |  |  |  |  |  |  |  |  |  |  |
| Electricity |  | Electric Load Contracts |  | $ | 5 |  |  | $ | — |  |  | Discounted Cash flow |  | Historic Load Variability |  | 0% to +10% |
| Gas (A) |  | Other |  | 1 |  |  | — |  |  |  |  |  |  |  |
| Total Power |  |  |  | $ | 6 |  |  | $ | — |  |  |  |  |  |  |  |
| Total PSEG |  |  |  | $ | 6 |  |  | $ | — |  |  |  |  |  |  |  |
|  |  | Quantitative Information About Level 3 Fair Value Measurements |  |  |
|  |  |  |  |  |  |  |  | Significant |  |  |
|  |  |  |  | Fair Value as of |  | Valuation |  | Unobservable |  |  |
| Commodity |  | Level 3 Position |  | December 31, 2016 |  | Technique(s) |  | Input |  | Range |
|  |  |  |  | Assets |  | (Liabilities) |  |  |  |  |  |  |
|  |  |  |  | Millions |  |  |  |  |  |  |
| PSE&G |  |  |  |  |  |  |  |  |  |  |  |  |
| Gas |  | Natural Gas Supply Contract |  | $ | — |  |  | $ | (5 | ) |  | Discounted Cash Flow |  | Transportation Costs |  | $0.60 to $0.80/Dth |
| Total PSE&G |  |  |  | $ | — |  |  | $ | (5 | ) |  |  |  |  |  |  |
| Power |  |  |  |  |  |  |  |  |  |  |  |  |
| Electricity |  | Electric Load Contracts |  | $ | 7 |  |  | $ | (1 | ) |  | Discounted Cash Flow |  | Historic Load Variability |  | 0% to +10% |
| Gas (A) |  | Other |  | — |  |  | — |  |  |  |  |  |  |  |
| Total Power |  |  |  | $ | 7 |  |  | $ | (1 | ) |  |  |  |  |  |  |
| Total PSEG |  |  |  | $ | 7 |  |  | $ | (6 | ) |  |  |  |  |  |  |
(A) | Includes gas positions which were immaterial as of June 30, 2017 and December 31, 2016.
Significant unobservable inputs listed above would have a direct impact on the fair values of the above Level 3 instruments if they were adjusted. For energy-related contracts in cases where Power is a seller, an increase in the load variability would decrease the fair value.
Changes In Level 3 Assets And (Liabilities) Measured At Fair Value On A Recurring Basis | A reconciliation of the beginning and ending balances of Level 3 derivative contracts and securities for the three months ended June 30, 2017 and June 30, 2016, respectively, follows: Changes in Level 3 Assets and (Liabilities) Measured at Fair Value on a Recurring Basis for the Three Months and Six Months Ended June 30, 2017
|  |  | Three Months Ended June 30, 2017 |  |  |
|  |  |  |  | Total Gains or (Losses) Realized/Unrealized |  |  |  |  |  |  |  |  |
| Description |  | Balance as of April 1, 2017 |  | Included in Income (A) |  | Included in Regulatory Assets/ Liabilities (B) |  | Purchases (Sales) |  | Issuances/ Settlements (C) |  | Transfers In/Out (D) |  | Balance as of June 30, 2017 |
|  |  | Millions |  |  |
| PSEG |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net Derivative Assets (Liabilities) |  | $ | 3 |  |  | $ | 7 |  |  | $ | (1 | ) |  | $ | — |  |  | $ | (3 | ) |  | $ | — |  |  | $ | 6 |  |
| PSE&G |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net Derivative Assets (Liabilities) |  | $ | 1 |  |  | $ | — |  |  | $ | (1 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |
| Power |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net Derivative Assets (Liabilities) |  | $ | 2 |  |  | $ | 7 |  |  | $ | — |  |  | $ | — |  |  | $ | (3 | ) |  | $ | — |  |  | $ | 6 |  |
|  |  | Six Months Ended June 30, 2017 |  |  |
|  |  |  |  | Total Gains or (Losses) Realized/Unrealized |  |  |  |  |  |  |  |  |
| Description |  | Balance as of January 1, 2017 |  | Included in Income (A) |  | Included in Regulatory Assets/ Liabilities (B) |  | Purchases (Sales) |  | Issuances/ Settlements (C) |  | Transfers In/Out (D) |  | Balance as of June 30, 2017 |
|  |  | Millions |  |  |
| PSEG |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net Derivative Assets (Liabilities) |  | $ | 1 |  |  | $ | 26 |  |  | $ | 5 |  |  | $ | — |  |  | $ | (25 | ) |  | $ | (1 | ) |  | $ | 6 |  |
| PSE&G |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net Derivative Assets (Liabilities) |  | $ | (5 | ) |  | $ | — |  |  | $ | 5 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |
| Power |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net Derivative Assets (Liabilities) |  | $ | 6 |  |  | $ | 26 |  |  | $ | — |  |  | $ | — |  |  | $ | (25 | ) |  | $ | (1 | ) |  | $ | 6 |  |
Changes in Level 3 Assets and (Liabilities) Measured at Fair Value on a Recurring Basis for the Three Months and Six Months Ended June 30, 2016
|  |  | Three Months Ended June 30, 2016 |  |  |
|  |  |  |  | Total Gains or (Losses) Realized/Unrealized |  |  |  |  |  |  |  |  |
| Description |  | Balance as of April 1, 2016 |  | Included in Income (E) |  | Included in Regulatory Assets/ Liabilities (B) |  | Purchases (Sales) |  | Issuances/ Settlements (C) |  | Transfers In/Out (D) |  | Balance as of June 30, 2016 |
|  |  | Millions |  |  |
| PSEG |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net Derivative Assets (Liabilities) |  | $ | 21 |  |  | $ | 1 |  |  | $ | (12 | ) |  | $ | — |  |  | $ | (5 | ) |  | $ | — |  |  | $ | 5 |  |
| PSE&G |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net Derivative Assets (Liabilities) |  | $ | 10 |  |  | $ | — |  |  | $ | (12 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (2 | ) |
| Power |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net Derivative Assets (Liabilities) |  | $ | 11 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | (5 | ) |  | $ | — |  |  | $ | 7 |  |
|  |  | Six Months Ended June 30, 2016 |  |  |
|  |  |  |  | Total Gains or (Losses) Realized/Unrealized |  |  |  |  |  |  |  |  |
| Description |  | Balance as of January 1, 2016 |  | Included in Income (E) |  | Included in Regulatory Assets/ Liabilities (B) |  | Purchases (Sales) |  | Issuances/ Settlements (C) |  | Transfers In/Out (D) |  | Balance as of June 30, 2016 |
| PSEG |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net Derivative Assets (Liabilities) |  | $ | 13 |  |  | $ | 16 |  |  | $ | (4 | ) |  | $ | — |  |  | $ | (20 | ) |  | $ | — |  |  | $ | 5 |  |
| PSE&G |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net Derivative Assets (Liabilities) |  | $ | 2 |  |  | $ | — |  |  | $ | (4 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (2 | ) |
| Power |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net Derivative Assets (Liabilities) |  | $ | 11 |  |  | $ | 16 |  |  | $ | — |  |  | $ | — |  |  | $ | (20 | ) |  | $ | — |  |  | $ | 7 |  |
(A) | PSEG’s and Power’s gains and losses attributable to changes in net derivative assets and liabilities include $7 million and $26 million in Operating Income for the three months and six months ended June 30, 2017, respectively. Of the $7 million in Operating Income, $4 million is unrealized. Of the $26 million in Operating Income, $1 million is unrealized.
(B) | Mainly includes gains/losses on PSE&G’s derivative contracts that are not included in either earnings or Accumulated Other Comprehensive Income, as they are deferred as a Regulatory Asset/Liability and are expected to be recovered from/returned to PSE&G’s customers.
(C) | Represents $(3) million and $(25) million in settlements for the three months and six months ended June 30, 2017, respectively. Represents $(5) million and $(20) million in settlements for the three months and six months ended June 30, 2016, respectively.
(D) | During the three months ended June 30, 2017 there were no transfers in to or out of Level 3. During the six months ended June 30, 2017, $(1) million of net derivatives assets/liabilities were transferred from Level 2 to Level 3. There were no transfers in to or out of Level 3 during three months and six months ended June 30, 2016.
(E) | PSEG’s and Power’s gains and losses attributable to changes in net derivative assets and liabilities include $1 million and $16 million in Operating Income for the three months and six months ended June 30, 2016, respectively. Of the $1 million in Operating Income, $(4) million is unrealized. Of the $16 million in Operating Income, $(4) million is unrealized.
Schedule of Fair Value of Debt | The estimated fair values were determined using the market quotations or values of instruments with similar terms, credit ratings, remaining maturities and redemptions as of June 30, 2017 and December 31, 2016.
|  | As of |  | As of |
|  | June 30, 2017 |  | December 31, 2016 |
|  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value |
|  | Millions |
| Long-Term Debt: |  |  |  |  |  |  |  |
| PSEG (Parent) (A) | $ | 1,895 |  |  | $ | 1,888 |  |  | $ | 1,195 |  |  | $ | 1,185 |  |
| PSE&G (B) | 8,242 |  |  | 8,900 |  |  | 7,818 |  |  | 8,240 |  |
| Power - Recourse Debt (B) | 2,384 |  |  | 2,646 |  |  | 2,382 |  |  | 2,578 |  |
| Total Long-Term Debt | $ | 12,521 |  |  | $ | 13,434 |  |  | $ | 11,395 |  |  | $ | 12,003 |  |
(A) | As of June 30, 2017, fair value includes a $700 million floating rate term loan term loan in addition to the $500 million floating rate term loan and net offsets as of December 31, 2016. The fair values of the term loan debt (Level 2 measurement) were considered to be equal to the carrying values because the interest payments are based on LIBOR rates that are reset monthly.
(B) | Given that most bonds do not trade, the fair value amounts of taxable debt securities (primarily Level 2 measurements) are generally determined by a valuation model that is based on a conventional discounted cash flow methodology and utilizes assumptions of current market pricing curves. In order to incorporate the credit risk into the discount rates, pricing is obtained (i.e. U.S. Treasury rate plus credit spread) based on expected new issue pricing across each of the companies’ respective debt maturity spectrum. The credit spreads of various tenors obtained from this information are added to the appropriate benchmark U.S. Treasury rates in order to determine the current market yields for the various tenors. The yields are then converted into discount rates of various tenors that are used for discounting the respective cash flows of the same tenor for each bond or note.

X
- Definition Schedule of Fair Value of Debt + References No definition available. + Details
Name: | pseg_ScheduleOfFairValueOfDebtTableTableTextBlock
Namespace Prefix: | pseg_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19279-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of quantitative information about the inputs used in the fair value measurement of assets. This disclosure may include, but is not limited to, the fair value of the asset, valuation technique used to measure fair value, the inputs used to measure fair value, the ranges of the inputs, and the weighted averages of the inputs. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueInputsAssetsQuantitativeInformationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration